Agreement signing ceremony
NEOM Co. and Tabuk Fish Co. signed a memorandum of understanding (MoU) to expand local aquaculture production and apply the new generation of aquaculture technologies in the NEOM region.
The hatchery will operate with a capacity of 70 million fingerlings, which makes it the largest in the Middle East and North Africa (MENA) region. It will focus on improving the production of local fish species in the Red Sea to contribute to achieving the Kingdom's goal of producing 600,000 tons of fish products by 2030, placing the Kingdom at the forefront of the pioneering countries in sustainable aquaculture.
The MoU included developing a fish farm to promote the aquaculture industry in the region, both within artificial lakes and natural waters, and to establish a solid infrastructure in the Kingdom, in line with Vision 2030, which aims to diversify the country's economy and sources of income.
According to data compiled by Argaam, Jazan Energy and Development Company owns 20% of capital of Tabuk Fish Co.
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